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机械设备行业跟踪:宏观指标边际回暖,工程机械销量整体回升
Mai Gao Zheng Quan·2025-09-15 11:26

Investment Rating - The industry is rated as outperforming the market, with a projected increase of over 5% relative to the benchmark index in the next six months [1][118]. Core Insights - The macroeconomic indicators are showing marginal recovery, leading to an overall rebound in engineering machinery sales [1]. - In the first seven months of 2025, excavator sales reached 137,658 units, representing a year-on-year increase of 17.8% [19][26]. - The report highlights a structural divergence in the sales of various types of cranes, with tower cranes and truck cranes experiencing declines due to the ongoing downturn in the real estate market, while crawler cranes are benefiting from strong demand in large-scale energy projects [54]. Summary by Sections 1. Macroeconomic Tracking - As of July 2025, China's manufacturing PMI recorded at 49.3%, indicating a contraction, while the production PMI was at 50.5%, signaling expansion [2][6]. - The Producer Price Index (PPI) decreased by 3.6% year-on-year, while the Consumer Price Index (CPI) showed a slight increase of 0.4% month-on-month [11][12]. - Fixed asset investment in China reached 288,229 billion yuan in the first seven months of 2025, growing by 1.6% year-on-year, with infrastructure investment up by 7.3% [14]. 2. Sales Overview of Chinese Engineering Machinery - In the first seven months of 2025, various machinery sales showed mixed results: - Excavators: 137,658 units (+17.8%) - Concrete machinery: 183,700 units (-2.14%) - Tower cranes: 3,181 units (-36.8%) - Crawler cranes: +13.1% - Truck cranes: +3.3% [19][27][30][38][48]. - The report indicates that the sales of forklifts reached 857,939 units, marking a 12% increase year-on-year [104][111]. 3. Investment Opportunities - The report emphasizes that domestic infrastructure investment remains resilient, with machinery related to construction, such as road rollers and pavers, expected to benefit in the long term [102]. - The government has increased the issuance of special bonds for local governments, which is anticipated to drive demand for engineering equipment [102].